Most 529 plans are eligible for transfer once every 12 months.
Transferring your existing 529 college savings plan to another 529 plan is relatively easy once you have the paperwork in order. Researching the available 529 plans and finding the one that best suits your investment needs can take time. Make sure that the plan you wish to transfer is eligible.
Instructions
Transferring 529 College Savings Plans
1. Verify that the account you wish to transfer is eligible. Unless you are changing the beneficiary as well, most plans restrict you to one transfer every 12 months. If you are changing beneficiaries, the plan description for your current plan will let you know if you can transfer the account in less than 12 months.
2. Select the new 529 plan you want to open. Plans vary widely from state to state. Each one has different investment options and fee structures. Choose the plan that is most compatible with your investment needs and has the lowest fees.
3. Open the new 529 account and submit the required transfer paperwork. The old 529 plan should be able to directly transfer the account to the new plan, known as a direct rollover. Very few plans, if any, will insist on sending you a check that you would then submit to the new plan.
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